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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4656
Experience:  FCCA FCMA CGMA ACIS
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I've been asked by HMRC to populate a tax return for 2015,

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I've been asked by HMRC to populate a tax return for 2015, 2016 and 2017 (HMRC had the wrong address and the first I knew about this was 8days ago)
- I am a higher rate tax payer
- invested £xxx/month prior to income and national insurance tax through a company scheme
- I've been reinvesting dividends under the share scheme since I started in 2002
- share scheme info printed today states "reinvested dividends will not incur further tax above initial 'tax credit' deduction and therefore do not need to be declared on annual tax return. This advantage does not apply to dividends taken as cash"does above statement sound correct? Should I clarify with share administrator?
Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: No... Don't think so

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

Well, yes it does, up to a point. In the 16/17 tax year the system changed and the old tax credit system ceased, the first 5K of dividends being tax free. It would perhaps be advisable to verify the position post 6 April 2016.

I do hope that I have shown you a way ahead in this matter.

bigduckontax and other Tax Specialists are ready to help you
Customer: replied 1 month ago.
Excelent thanks this is most appreciated.***

Delighted to have been of assistance.

Thank you for your support.